Ethereum Just Broke $135 and Primed To Test $150: Here’s Why
Altcoins2020/04/02 05:18 by Aayush Jindal
Ethereum is trading with a bullish angle and it recently surpassed the $135 resistance against the US Dollar. ETH price is likely to continue higher towards $145 and $150.
Ethereum is up more than 3% and it broke the main $135 resistance against the US Dollar.
The price is now trading in a bullish zone and it could continue higher towards $145 or $150.
There is a key bullish trend line forming with support near $131 on the hourly chart of ETH/USD (data feed via Kraken).
Bitcoin also gained traction and it rallied more than 5% to trade above $6,600.
Ethereum Price Gaining Bullish Momentum
This week, we discussed the importance of the $135 resistance for Ethereum against the US Dollar. ETH price made a few attempts to clear the $135 hurdle and it recently succeeded.
After trading as low as $128.85, the bulls came into the action. They pumped the price above the $135 resistance and the 100 hourly simple moving average. The upward move was strong and the price traded towards the $140 level.
A high is formed near $139 and the price is currently correcting gains. It broke the 23.6% Fib retracement level of the recent rally from the $129 swing low to $139 high. On the downside, the previous resistance near the $135 level is now likely to act as a major support area for Ethereum in the near term.
There is also a key bullish trend line forming with support near $131 on the hourly chart of ETH/USD. An intermediate support is the 50% Fib retracement level of the recent rally from the $129 swing low to $139 high.
Ethereum Price
The current price action is positive and it seems like the price is likely to continue higher above the $138 and $140 levels. The first major resistance is near the $142 level, above which the bulls are likely to aim a test of $145 or even $150.
Dips Remain Supported
If Ethereum corrects lower, it is likely to remain well bid near the $135 support zone. The main support below the $135 level is near the $130 range area.
As long as there is no daily close below $130, the bulls are likely to remain in control in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now moving nicely in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently well above the 60 level.
Major Support Level – $132
Major Resistance Level – $140
Take advantage of the trading opportunities with Plus500
Risk disclaimer: 76.4% of retail CFD accounts lose money.
0 Like(s)
You should also read...
Altcoins10/04/20 06:48 by Aayush Jindal
Here’s Why Ethereum Could Dive Significantly Below 100 SMA
Ethereum is trading in a contracting range below the $175 resistance against the US Dollar. ETH price seems to be setting up for the next move either above $200 or towards $152.
Ethereum is facing a ... Read More
Altcoins20/04/20 06:38 by Aayush Jindal
Ethereum Hesitates But Further Gains Seem Likely Towards $200
Ethereum is trading nicely above the $175 support area against the US Dollar. ETH price is showing a lot of positive signs and it could continue to rise towards $188 and $195.
Ethereum corrected lowe... Read More
Mining18/05/20 11:28 by Aayush Jindal
Ethereum Just Saw A Key Technical Breakout And $230 Seems Imminent
Ethereum is up more than 5% and it broke the key $205 resistance against the US Dollar. ETH price remains well supported and it is likely to continue higher towards $230.
Ethereum is gaining traction... Read More
Altcoins17/06/20 10:28 by Aayush Jindal
Ethereum Topside Bias Vulnerable Unless ETH Surges Past $240
Ethereum seems to be consolidating above the $232 and $230 support levels against the US Dollar. ETH price must break the $238 and $240 resistance levels to start a fresh increase.
Ethereum is curren... Read More
Altcoins30/06/21 07:28 by Aayush Jindal
TA: Ethereum Corrects Lower, What Could Spark A Fresh Rally
Ethereum rallied further towards $2,250 before it faced sellers against the US Dollar. ETH price is correcting lower, but the bulls are likely to remain active near $2,000.
Ethereum started a downsid... Read More